Revenue and margins have been highly volatile, with gross margin swinging from 25.6% in 2025Q1 to 100% in 2026Q1, while the latest quarter saw a 20.9% sequential revenue decline to $20.7M, indicating that operational profitability remains elusive despite one-time gains.
Theravance Biopharma Inc (TBPH) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 104.31M | 107.46M | 64.38M | 57.42M | 51.35M | 55.31M | 71.86M | 73.41M | 60.37M | 15.39M | 48.65M | 42.13M | 11.69M | 226K | 130.15M | 14.85M |
| Revenue Growth % | 35.11% | 66.92% | 12.12% | 11.84% | -7.17% | -23.03% | -2.12% | 21.61% | 292.37% | -68.37% | 15.48% | 260.42% | 5071.68% | -99.83% | 776.16% | - |
| Cost of Goods Sold | 11.06M | 5.51M | 37.64M | 40.62M | 63.39M | 193.66M | 0 | 0 | 715K | 6.03M | 2.89M | 4.66M | 4.06M | 120.58M | 114M | 3.84M |
| COGS % of Revenue | - | 5.13% | 58.47% | 70.74% | 123.46% | 350.12% | - | - | 1.18% | 39.19% | 5.95% | 11.05% | 34.72% | 53353.54% | 87.59% | 25.88% |
| Gross Profit | 93.25M | 101.95M | 26.74M | 16.8M | -12.05M | -138.35M | 71.86M | 73.41M | 59.66M | 9.36M | 45.75M | 37.47M | 7.63M | -120.35M | 16.15M | 11.01M |
| Gross Margin % | 89.4% | 94.87% | 41.53% | 29.26% | -23.46% | -250.12% | 100% | 100% | 98.82% | 60.81% | 94.05% | 88.95% | 65.28% | -53253.54% | 12.41% | 74.12% |
| Gross Profit Growth % | - | 281.29% | 59.13% | 239.49% | 91.29% | -292.53% | -2.12% | 23.06% | 537.61% | -79.55% | 22.11% | 391.07% | 106.34% | -845.22% | 46.68% | - |
| Operating Expenses | 88.59M | 115.19M | 73.69M | 72.84M | 79.91M | 119.44M | 369.48M | 325.33M | 298.41M | 269.48M | 226.22M | 219.37M | 240.17M | 156.51M | 139.72M | 120.34M |
| OpEx % of Revenue | - | 107.19% | 114.45% | 126.84% | 155.63% | 215.94% | 514.19% | 443.14% | 494.3% | 1751.46% | 465.02% | 520.74% | 2054.83% | 69252.21% | 107.36% | 810.19% |
| Selling, General & Admin | 51.75M | 73.65M | 69.17M | 70.45M | 67.07M | 99.3M | 108.53M | 106.08M | 97.06M | 95.59M | 84.51M | 90.2M | 71.65M | 35.93M | 25.73M | 21.5M |
| SG&A % of Revenue | - | 68.54% | 107.44% | 122.69% | 130.63% | 179.52% | 151.04% | 144.5% | 160.77% | 621.29% | 173.72% | 214.13% | 613% | 15898.67% | 19.77% | 144.71% |
| Research & Development | 25.62M | 37.41M | 38.05M | 46.34M | 70.07M | 201.55M | 260.95M | 219.25M | 201.35M | 173.89M | 141.71M | 129.16M | 168.52M | 120.58M | 114M | 98.85M |
| R&D % of Revenue | - | 34.82% | 59.1% | 80.7% | 136.47% | 364.39% | 363.16% | 298.65% | 333.52% | 1130.16% | 291.3% | 306.62% | 1441.84% | 53353.54% | 87.59% | 665.48% |
| Other Operating Expenses | 2M | 4.13M | -33.54M | -43.96M | -57.24M | -181.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.66M | -13.25M | -46.95M | -56.03M | -91.96M | -257.78M | -297.63M | -251.91M | -238.75M | -260.12M | -180.47M | -181.9M | -232.54M | -156.28M | -9.57M | -109.33M |
| Operating Margin % | 4.46% | -12.33% | -72.92% | -97.58% | -179.09% | -466.06% | -414.19% | -343.14% | -395.48% | -1690.65% | -370.96% | -431.8% | -1989.55% | -69152.21% | -7.36% | -736.06% |
| Operating Income Growth % | - | 71.79% | 16.21% | 39.06% | 64.33% | 13.39% | -18.15% | -5.51% | 8.22% | -44.14% | 0.79% | 21.78% | -48.79% | -1532.21% | 91.24% | - |
| EBITDA | 8.85M | -7.73M | -43.33M | -54.03M | -88.92M | -252.97M | -290.65M | -245.7M | -235.59M | -256.1M | -177.35M | -178.91M | -229.88M | -153.63M | -6.32M | -105.49M |
| EBITDA Margin % | 8.48% | -7.19% | -67.31% | -94.1% | -173.18% | -457.36% | -404.49% | -334.68% | -390.24% | -1664.47% | -364.55% | -424.7% | -1966.78% | -67978.32% | -4.86% | -710.19% |
| EBITDA Growth % | 125.1% | 82.16% | 19.8% | 39.23% | 64.85% | 12.96% | -18.3% | -4.29% | 8.01% | -44.4% | 0.87% | 22.17% | -49.63% | -2329.33% | 94.01% | - |
| D&A (Non-Cash Add-back) | 4.19M | 5.51M | 3.62M | 2M | 3.04M | 4.81M | 6.97M | 6.21M | 3.17M | 4.03M | 3.12M | 2.99M | 2.66M | 2.65M | 3.25M | 3.84M |
| EBIT | 64.26M | 131.71M | -42.07M | -53.65M | -79.12M | -237.64M | -294.8M | -209.81M | -215.6M | -263.16M | -179.16M | -181.27M | -230.67M | -156.28M | -9.57M | -109.33M |
| Net Interest Income | 9.48M | -2.46M | 2.33M | 6.77M | 2.18M | -7.44M | -4.11M | -23.47M | 1.48M | -3.76M | -92K | 631K | 1.86M | 0 | 0 | 0 |
| Interest Income | 10.64M | 0 | 4.88M | 9.12M | 8.54M | 1.11M | 4.44M | 8.39M | 11.97M | 4.79M | 1.31M | 631K | 1.86M | 0 | 0 | 0 |
| Interest Expense | 1.16M | 2.46M | 2.55M | 2.35M | 6.37M | 8.55M | 8.55M | 31.86M | 10.48M | 8.55M | 1.4M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 54.26M | 142.49M | 2.33M | 6.77M | -858K | -7.44M | -5.72M | 10.24M | 12.67M | -11.59M | -92K | 631K | 1.86M | 0 | 0 | 0 |
| Pretax Income | 58.92M | 129.25M | -44.61M | -49.27M | -92.81M | -265.22M | -303.34M | -241.68M | -226.09M | -271.71M | -180.56M | -181.27M | -230.67M | -156.28M | -9.57M | -109.33M |
| Pretax Margin % | 56.48% | 120.27% | -69.3% | -85.8% | -180.76% | -479.51% | -422.15% | -329.2% | -374.5% | -1765.96% | -371.15% | -430.3% | -1973.6% | -69152.21% | -7.36% | -736.06% |
| Income Tax | 5.11M | 23.35M | 11.8M | 5.92M | 9K | -151K | -8.52M | -5.22M | -10.56M | 13.69M | 10.11M | 951K | 6.36M | 0 | 0 | 0 |
| Effective Tax Rate % | 8.67% | 18.07% | -26.46% | -12.02% | -0.01% | 0.06% | 2.81% | 2.16% | 4.67% | -5.04% | -5.6% | -0.52% | -2.76% | 0% | 0% | 0% |
| Net Income | 53.81M | 105.89M | -56.42M | -55.19M | 872.13M | -199.43M | -278.02M | -236.46M | -215.52M | -285.4M | -190.67M | -182.22M | -237.04M | -156.28M | -9.57M | -109.33M |
| Net Margin % | 51.58% | 98.54% | -87.63% | -96.11% | 1698.54% | -360.55% | -386.9% | -322.08% | -357.01% | -1854.97% | -391.94% | -432.56% | -2028.05% | -69152.21% | -7.36% | -736.06% |
| Net Income Growth % | 312.92% | 287.7% | -2.22% | -106.33% | 537.32% | 28.27% | -17.58% | -9.71% | 24.48% | -49.69% | -4.64% | 23.13% | -51.67% | -1532.21% | 91.24% | - |
| Net Income (Continuing) | 53.81M | 105.89M | -56.42M | -55.19M | -92.82M | -265.07M | -294.82M | -236.46M | -215.52M | -285.4M | -190.67M | -182.22M | -237.04M | -156.28M | -9.57M | -109.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 964.96M | 65.64M | 16.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.04 | 2.06 | -1.15 | -1.00 | -1.26 | -2.87 | -4.46 | -4.25 | -3.99 | -5.45 | -4.26 | -5.34 | -7.46 | -4.84 | -0.30 | -3.43 |
| EPS Growth % | 322.42% | 279.13% | -15% | 20.63% | 56.1% | 35.65% | -4.94% | -6.52% | 26.79% | -27.93% | 20.22% | 28.42% | -54.13% | -1513.33% | 91.25% | - |
| EPS (Basic) | - | 2.10 | -1.15 | -1.00 | -1.26 | -2.87 | -4.46 | -4.25 | -3.99 | -5.45 | -4.26 | -5.34 | -7.46 | -4.92 | -0.30 | -3.43 |
| Diluted Shares Outstanding | 51.67M | 51.51M | 48.85M | 55.3M | 73.59M | 69.46M | 62.34M | 55.61M | 53.97M | 52.35M | 44.71M | 34.15M | 31.75M | 32.26M | 32.26M | 31.9M |
| Basic Shares Outstanding | 51.67M | 50.32M | 48.85M | 55.3M | 73.59M | 69.46M | 62.34M | 55.61M | 53.97M | 52.35M | 44.71M | 34.15M | 31.75M | 31.74M | 31.74M | 31.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TBPH stock.
For fiscal year 2025, Theravance Biopharma Inc (TBPH) reported total revenue of $107.5M. This represents a 623.5% increase compared to $14.9M in 2011.
Theravance Biopharma Inc (TBPH) is profitable, generating $105.9M in net income for the fiscal year ending 2025 with a net profit margin of 98.5%.
Theravance Biopharma Inc (TBPH) reported an operating income of $-13.2M, resulting in an operating profit margin of -12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Theravance Biopharma Inc (TBPH) generated $101.9M in gross profit for the year, representing a gross profit margin of 94.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Acquisition completion and revenue volatility
Metrics are mathematically derived from official filings.
Revenue Inflection Masked by One-Time Gains
TTM revenue grew 66.9% per recent filings, but the latest quarter fell 20.9% sequentially to $20.7M, suggesting volatility in YUPELRI sales and collaboration timing rather than a smooth acceleration.
The 66.9% TTM growth is flattered by the $45.9M revenue spike in 2025Q4, which likely included a one-time milestone or royalty monetization event. Excluding that quarter, quarterly revenue has hovered between $14M and $26M, with 2026Q2's $20.7M representing a sequential decline from 2025Q2's $26.2M. This pattern suggests underlying product sales are growing modestly but are subject to lumpy collaboration revenue recognition, making the growth trajectory appear less durable than the headline TTM figure implies.
Gross Margin Distorted by Revenue Mix
Gross margin swung from 25.6% in 2025Q1 to 100% in 2026Q1, per income statement data, reflecting the volatile mix of high-margin royalty income versus lower-margin product sales and collaboration cost-sharing.
The reported gross margin of 94.87% on a TTM basis is misleading because it averages quarters with near-zero COGS (2026Q1) against quarters with COGS exceeding 40% of revenue (2025Q1, 2024Q2). This volatility indicates that the company's product sales carry meaningful manufacturing and distribution costs, while royalty and collaboration revenue is nearly pure margin. Investors should model gross margin based on the underlying product-to-royalty mix rather than the TTM average, as the mix will shift with YUPELRI's commercial trajectory and the reduced Trelegy royalty stream.
Operating Leverage Elusive Amid Fixed Costs
Operating income swung from -$15.7M in 2024Q2 to +$17.6M in 2025Q4, but excluding the one-time gain, operating losses persist, indicating SG&A and R&D costs are not scaling down with revenue fluctuations.
SG&A was $0 in several quarters (2025Q1-Q3, 2024Q1-Q3), which appears to be a data artifact or reclassification, but when SG&A is present (2026Q2, 2026Q1, 2025Q4, 2024Q4), it ranges from $14.2M to $19.9M, suggesting a fixed commercial infrastructure. R&D spending has been relatively stable at $4.7M-$11.5M per quarter, indicating the company is maintaining pipeline investment despite revenue volatility. The lack of operating leverage is evident in 2026Q2, where revenue of $20.7M still produced a -$604K operating loss, implying that even at current run-rate, the company cannot cover its fixed cost base without the high-margin royalty income that has been partially divested.
Net Income Distorted by Non-Recurring Gains
Net income of $61.0M in 2025Q4 and $54.8M in 2025Q2, per financial statements, likely reflects gains from the Trelegy royalty monetization, not operational profitability, as evidenced by negative operating income in most quarters.
The 98.54% TTM net margin is a statistical artifact of these one-time gains, which are not sustainable. Excluding 2025Q4 and 2025Q2, net income has been consistently negative, with 2026Q2 showing a -$5.9M loss. Stock-based compensation of $4.5M-$6.0M per quarter adds a non-cash drag that further reduces reported earnings quality. The company's reliance on asset sales to achieve profitability suggests that underlying operations are not yet self-sustaining, and investors should adjust for these non-recurring items when assessing the company's true earnings power.
2025Q4 Royalty Sale Reshapes Financial Profile
The 2025Q4 quarter marked a pivotal inflection, with revenue jumping to $45.9M and net income to $61.0M, per reported data, driven by the Trelegy royalty divestment, which provided a cash cushion but reduced future recurring income.
This quarter transformed the balance sheet and income statement, but it also signaled a strategic shift from a royalty-supported model to one more dependent on YUPELRI's commercial success. The subsequent quarters (2026Q1 and 2026Q2) show a return to operating losses, confirming that the one-time gain did not create sustainable profitability. The lasting impact is a reduced safety net for pipeline failures, making the Ampreloxetine trial outcome more critical to the company's standalone viability, though the pending acquisition may mitigate this risk.
Revenue Miss Undermines Standalone Thesis
The 20.9% sequential revenue decline in 2026Q2, per income statement data, contradicts the narrative of accelerating YUPELRI growth and suggests the market may have overestimated the product's commercial trajectory.
Short-sellers could argue that the revenue miss indicates YUPELRI's market share gains are plateauing or that competition from GSK's Incruse Ellipta is eroding the nebulized LAMA niche. The high gross margin volatility also raises questions about the sustainability of pricing, especially with potential Medicare Part B reimbursement changes. With the pending acquisition by Zymeworks, the revenue miss may be less relevant to equity value, but it could provide ammunition for deal renegotiation or shareholder dissent if the offer is perceived as undervaluing the company's standalone prospects.